Bank of America Co. (NYSE:BAC) Shares Purchased by Charles Schwab Investment Management Inc.

Charles Schwab Investment Management Inc. raised its holdings in shares of Bank of America Co. (NYSE:BAC) by 3.2% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 41,833,075 shares of the financial services provider’s stock after acquiring an additional 1,315,056 shares during the quarter. Charles Schwab Investment Management Inc.’s holdings in Bank of America were worth $1,408,520,000 at the end of the most recent quarter.

Several other institutional investors also recently bought and sold shares of the business. Fortis Group Advisors LLC purchased a new stake in shares of Bank of America during the third quarter valued at approximately $25,000. Glass Jacobson Investment Advisors llc raised its stake in Bank of America by 98.1% during the third quarter. Glass Jacobson Investment Advisors llc now owns 1,018 shares of the financial services provider’s stock valued at $28,000 after buying an additional 504 shares in the last quarter. Criterion Capital Advisors LLC bought a new position in Bank of America during the 4th quarter worth approximately $32,000. ZRC Wealth Management LLC grew its position in shares of Bank of America by 192.3% in the 4th quarter. ZRC Wealth Management LLC now owns 1,140 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 750 shares in the last quarter. Finally, Private Ocean LLC increased its holdings in shares of Bank of America by 34.0% in the 4th quarter. Private Ocean LLC now owns 1,281 shares of the financial services provider’s stock valued at $43,000 after acquiring an additional 325 shares during the last quarter. 70.71% of the stock is currently owned by hedge funds and other institutional investors.

Bank of America Price Performance

Shares of BAC traded down $0.18 during trading hours on Wednesday, hitting $37.66. 11,865,741 shares of the company were exchanged, compared to its average volume of 40,269,715. The firm has a fifty day simple moving average of $36.61 and a 200-day simple moving average of $33.31. The company has a market capitalization of $294.52 billion, a PE ratio of 13.00, a PEG ratio of 1.66 and a beta of 1.37. The company has a debt-to-equity ratio of 1.12, a current ratio of 0.79 and a quick ratio of 0.79. Bank of America Co. has a one year low of $24.96 and a one year high of $38.49.

Bank of America (NYSE:BAC) last released its quarterly earnings results on Tuesday, April 16th. The financial services provider reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.77 by $0.06. Bank of America had a return on equity of 10.88% and a net margin of 13.94%. The business had revenue of $25.82 billion during the quarter, compared to analyst estimates of $25.49 billion. During the same quarter last year, the company posted $0.94 EPS. Bank of America’s revenue for the quarter was down 1.7% on a year-over-year basis. As a group, sell-side analysts predict that Bank of America Co. will post 3.21 earnings per share for the current year.

Bank of America Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Friday, June 7th will be issued a dividend of $0.24 per share. The ex-dividend date is Friday, June 7th. This represents a $0.96 dividend on an annualized basis and a dividend yield of 2.55%. Bank of America’s dividend payout ratio is 33.22%.

Analysts Set New Price Targets

Several research firms recently weighed in on BAC. Morgan Stanley upgraded shares of Bank of America from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $32.00 to $41.00 in a research note on Tuesday, January 30th. Odeon Capital Group lowered shares of Bank of America from a “buy” rating to a “hold” rating and set a $33.90 target price for the company. in a research note on Tuesday, January 16th. BMO Capital Markets raised their price target on shares of Bank of America from $36.00 to $37.00 and gave the company a “market perform” rating in a research note on Thursday, April 18th. Keefe, Bruyette & Woods boosted their price objective on Bank of America from $33.00 to $37.00 and gave the stock a “market perform” rating in a research report on Friday, April 5th. Finally, Erste Group Bank upgraded Bank of America from a “hold” rating to a “buy” rating in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and ten have issued a buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average price target of $38.70.

Bank of America Company Profile

Bank of America Corporation, through its subsidiaries, provides banking and financial products and services for individual consumers, small and middle-market businesses, institutional investors, large corporations, and governments worldwide. It operates in four segments: Consumer Banking, Global Wealth & Investment Management (GWIM), Global Banking, and Global Markets.